The SEC, in recent months, has opened inquiries into two state pension funds -- New York and New Jersey. In New York, allegations involve payments made by investment firms to friends and family of Alan G. Hevesi, the former Comptroller. The state's Comptroller serves as sole trustee of the $154 billion fund. The state of New York previously opened an investigation into the charges. The New Jersey plan is being investigated for accounting practices that allegedly overstated the amount of state contributions. NYTimes, New York Pension Fund Faces a Federal Inquiry.